A self-storage company has acquired a 57,500 sq ft warehouse on a 3.5-acre site in Lincolnshire.
Operating under the name Wigwam Storage, the company, which currently operates sites in Worcestershire, Warwickshire, and Oxfordshire, is set to open its newest location during the summer.
The former retail warehouse on Greetwell Road has been acquired from private clients of Eddisons by joint venture partners Wigwam Storage Management and Paloma Capital.
Midlands-based agent Michael Johnson & Co-facilitated the transaction on behalf of the joint venture partners.
Although the specific sale price for the Greetwell Road warehouse and site remains undisclosed, Eddisons reveals that it was marketed for offers over £3m.
Nick Grant said: “The city has ever-improving road transport connections. This can only make it more accessible to centres of commercial and residential populations across the immediate area and its surrounding counties. As an edge of the city site, Greetwell Road ticks all the boxes.
“It’s a very visible, large site that lends itself to external drive-up units, and the main warehouse has an excellent property specification for conventional indoor self-storage. We are actively seeking similar sites that tick all the boxes for the business of self-storage in the way this Lincoln one does.”
Eddisons’ William Wall, said, “Factors fueling the steady growth of the UK’s £1 billion self-storage business sector – such as a shortage of rental properties in the face of high demand – look unlikely to abate for the foreseeable future. Lincoln’s position on the map means it’s perfectly placed to capitalise on this growing sector of the UK economy where location and logistical reach are operationally critical.”
